Short Interest in Butterfly Network, Inc. (NYSE:BFLY) Increases By 19.9%

Butterfly Network, Inc. (NYSE:BFLY) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 15,230,000 shares, a growth of 19.9% from the November 15th total of 12,700,000 shares. Currently, 10.1% of the shares of the company are short sold. Based on an average daily trading volume, of 2,770,000 shares, the short-interest ratio is currently 5.5 days.

Butterfly Network Trading Down 4.2 %

BFLY opened at $3.39 on Monday. The stock has a market cap of $722.28 million, a PE ratio of -7.37 and a beta of 2.46. Butterfly Network has a 1 year low of $0.67 and a 1 year high of $3.78. The stock’s 50 day simple moving average is $2.54 and its 200-day simple moving average is $1.67.

Butterfly Network (NYSE:BFLY) last announced its quarterly earnings data on Friday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $20.56 million during the quarter, compared to analysts’ expectations of $19.12 million. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. During the same quarter in the prior year, the company posted ($0.13) EPS. Equities analysts forecast that Butterfly Network will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Butterfly Network by 2.9% during the first quarter. Vanguard Group Inc. now owns 7,885,238 shares of the company’s stock worth $8,516,000 after acquiring an additional 218,720 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Butterfly Network by 46.5% in the 2nd quarter. Renaissance Technologies LLC now owns 343,100 shares of the company’s stock worth $288,000 after purchasing an additional 108,944 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Butterfly Network during the 2nd quarter worth about $112,000. Marshall Wace LLP lifted its holdings in Butterfly Network by 353.7% during the 2nd quarter. Marshall Wace LLP now owns 318,383 shares of the company’s stock valued at $267,000 after purchasing an additional 248,201 shares during the last quarter. Finally, Point72 DIFC Ltd boosted its position in Butterfly Network by 1,271.4% in the second quarter. Point72 DIFC Ltd now owns 77,418 shares of the company’s stock valued at $65,000 after buying an additional 71,773 shares in the last quarter. Institutional investors and hedge funds own 37.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Lake Street Capital began coverage on Butterfly Network in a research report on Tuesday, September 10th. They set a “buy” rating and a $3.00 target price on the stock.

Butterfly Network Company Profile

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.